Credit Union Auto Loans for Tesla in CA
Can you finance a Tesla through a bank or credit union? Absolutely, and Credit Union of Southern California (CU SoCal) can help!
Get Started on Tesla Financing!
A new Tesla may be $43,000 at the low end, and more than $150,000 when fully equipped. Even used models are in high demand, which means higher prices. Getting an auto loan for Tesla can make good financial sense.
At CU SoCal, we make financing a Tesla in California easy.
Call 866.287.6225 today to schedule a no-obligation consultation and learn about our auto loans, home equity lines of credit, personal loans, checking and savings accounts, and other banking products. As a full-service financial institution, we look forward to helping you with all of your banking needs.
Read on to learn more about Tesla credit union financing in California.
Can You Finance a Tesla?
Yes, there are numerous Tesla financing options for financing a Tesla in California.
Where to Get Financing for a Tesla
A new or used Tesla can be financed in the following ways:
- Tesla's website. Tesla provides leasing and purchase financing options.
- Credit Unions. Tesla credit union financing in California, including financing with CU SoCal, often provides better lower interest rates than traditional banks. A CU SoCal auto loan can put you in the driver’s seat with no loan application or funding fees.
- Banks. All banks offer auto loans. Check with your current bank for the latest interest rates.
- Online Lenders. While there are many online auto loan lenders to choose from, you’ll need to do some research to make sure you choose one that’s reputable. Working with a trusted lender at a financial institution where you already have an account is safe and convenient, and you’ll get personalized service.
Before You Buy
Before purchasing your Tesla, here are some important steps to take:
- Check your credit score. While each lender has its own Tesla auto loan requirements, the higher your credit score, the easier it will be to get a loan, and you’ll likely get a lower interest rate.
- Create a budget. Creating a budget means crunching the numbers by hand or using a car affordability calculator. Add up your monthly income and expenses, then subtract expenses from income to see what’s left. You should always have money left to put into a savings account. Knowing how much you can afford to pay for monthly car payments is crucial to making a financially smart choice, whether you opt for a Tesla or other vehicle. Here are tips on how to save up money for a car.
- Research different Tesla models. There are a wide range models to choose from. Visit www.tesla.com to learn more.
- Visit a Tesla dealership. There are Tesla dealerships throughout the United States. Click here to locate the store nearest you.
- Shop different lenders. If you’re interested in financing a Tesla in California, be aware that loan interest rates and terms will vary from lender to lender and depend on whether you choose to purchase a new or used Tesla or get a lease. Learn more about how to finance a new or used car.
- Know the difference between Pre-Qualification and Pre-Approval. A pre-qualification is a simple estimate, provided by a lender, of what your loan interest rate/APR could be based on a “soft-pull” of your credit score. It is not a promise or commitment that you will be approved for a loan. Pre-approval is a deeper look at a borrower’s ability to get approved for a loan. The lender will do a “hard-pull” of your credit score and ask that you provide proof of income, bank statements, and other debt and income documents. You may find that you need to build your credit to get an auto loan for Tesla.
- Read safety reports. There are various reports available, including the Tesla Vehicle Safety Report and the National Highway Traffic Safety Administration. Use this resource to look up the safety report for the models you’re interested in purchasing or leasing.
- Read the warranty details. Telsa's warranty includes a specific Battery and Drive Unit Limited Warranty based on the vehicle model.
- Know the California EV rebates and incentives. Teslas qualify for the California Clean Fuel Reward described below.
Are There any California Rebates or Purchasing Incentives for Tesla?
Teslas qualify for the California Clean Fuel Reward
, which is available to anyone who buys or leases a new electric vehicle with a battery capacity greater than 5 kWh from a participating automotive retailer. Tesla no longer qualify for the California Clean Vehicle Rebate Program due to a price increase, which puts these cars above the program’s price threshold
Is Getting an Electric Car Worth It?
Although the initial cost of a Tesla or other electric vehicle is high, there is an opportunity to save money using California rebates and incentives.
The money you save on gas can also add up, which means owning an electric car may be more affordable in the long-run, depending on your driving habits.
Many electric car owners choose to install a charging station in their garage for added convenience. Some public charging stations are free, while others are subscription based or require a credit card.
Electric vehicle manufacturers including Tesla, provide promotional free charging and make it easy for drivers to locate and use charging stations across the country.
Additionally, electric car charging stations are becoming more common and easier to find.
If you love the idea of driving a “green” vehicle that’s got all the latest technology, then let CU SoCal assist you with Tesla credit union financing in California.
Why Savvy Consumers Choose CU SoCal
For over 60 years CU SoCal has been providing financial services, including car loans, mortgages, Home Equity Loans, HELOCs, personal loans, credit cards, and other banking products, to those who live, work, worship, or attend school in Orange County, Los Angeles County, Riverside County, and San Bernardino County.
Please give us a call today at 866.287.6225 today to schedule a no-obligation loan consultation with a CU SoCal Member Services specialist.
Get Started on Your Auto Loan!